Hobbycraft sales and profit continues to grow

Retailer reports a 67 per cent leap in full year profit.
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The craft chain, which currently includes 38 outlets said sales over the year to February 22nd 2009 rose by 11 per cent to £68.7m. Pre-tax profits rose to £5.4m over the period.

In the 35 weeks since the year end, like-for-like sales at the chain have continued to rise by nine per cent.

Employees over the period increased by 20 per cent to 1,600 employees nationwide and the company has also appointed Roger Best, former chief executive of Radley and executive chairman of the John David Group.

The retailer plans to continue its expansion plans and will quadruple in size to 180 stores over the medium term. The firm said there will be 45 new stores by 2010.

The average cost of individual items is £2.32, with customers spending an average of £14 per trip, meaning that typical shoppers buy six items per visit.

Chris Crombie, chief executive commented: “We are delighted with these results which have been achieved against a tough retail backdrop. HobbyCraft has proved its enduring appeal to a broad cross-section of the population and continues to expand rapidly. With the combination of our new store openings, robust balance sheet and unrivalled product offer, the board is confident of delivering sustained earnings growth in the current financial year.”

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